OPEC ideas with oil prices might change your mind

If the Saudi Arabian oil minister is right, and OPEC succeeds in jacking up oil prices well above the July, 2008 record of $147 US a barrel, what would you think?

Good for the Newfoundland and Labrador treasury?

Good for the environment?

Just the other day, a CBC news story quoted Ali al-Naimi as saying that oil prices could surpass the record by the year 2012. In a nutshell, a boon for the OPEC nations that comes with much trepidation and concern for the consumers in North America and indeed, worldwide.

Consider this...

As oil prices hit the record of $147.23 a US barrel last July 7th, consumers were also facing the elevated price of heating oils that hit close on $1.24 a litre. The record heating oil price came close to killing the local heating oil industry here, leading to some radical changes in the ownership of the local dealers. Some retailers sold out leaving the industry here dominated by big oil rather than being influenced by the mom and pop operation.

If OPEC succeeds in driving prices in excess of the old record, will OPEC also succeed in killing the heating oil industry? Will we see an enforced conservation because people simply will not be able to afford to buy heating oils?

What of the affect on gasoline or diesel prices?

No doubt that pricing for refined commodities would hit the roof. The fact that OPEC is even of this way of thinking is both alarming, and a foreboding of the possibility of things to come if you're a heating oil user.

I don't think there's any consolation in OPEC's way of thinking and the provincial treasury simply would not be able to keep up even though the treasury would like the influx of cash. The reality is that OPEC is stepping on insecure ground and it's actions like driving up the price of oil could do more to impact demand by the consumer.

They could end up sshooting themselves in the foot...

But really...Isn't it time that Canadians insulate themselves from OPEC?

Your thoughts?

No change in pricing this week

Just a short note...

No change in pricing for any fuels I cover, at least for this week.

Here's what I have so far, for this pricing period;

• Heating/stove oils up by 53/100ths of a cent.
• Diesel up by 6/10ths, and...
• Gasoline up by close on 4/10ths of a cent.

Hopefully, we'll see a drop next week or, at least see prices steady.

Regards,

George

Update:

Prices to increase again
Refinery outages and political unrest increase oil pricing

Media release

Conception Bay South, NL, May 19, 2009- Consumers in Newfoundland and Labrador will, again see an increase in all fuel prices when the Public Utilities Board sets prices this coming Thursday at it’s regular price-setting, that’s according to George Murphy, group researcher for the Consumer Group for Fair Gas Prices.

“Political unrest and refinery outages south of the border are being mentioned as key reasons why consumers here will see prices increase this Thursday morning. Consumers can expect to see an added two cents on gasoline prices, 2.4 cents on diesel and 2.08 cents a litre onto heating and stove oil pricing this Thursday morning,” said Murphy.

“Rumors are rampant in the markets that there is considerable disruption and loss of life in Nigeria in the delta region over these past few days. Add to that, the fact of several refinery outages and we have the impetus to see prices increase on fears of disruptions again. Even though refinery capacity and utilization rates sit at close to 84 per cent, it seems that the refinery disruption scenario is manufactured by industry and is easily curable and we know that there have been supply concerns from the Niger Delta region for years now. It is inexcusable to see prices increase to consumers with this information!

“Demand figures are, at present close to two percentage points down from last year at this same time-frame. Consumer demand for oil products such as distillates remains low at 14 per cent below last years levels. Jet fuel demand has dropped by almost 11 percentage points against last years numbers and industries numbers are telling us that prices will increase? The information available out there is telling us that consumers in Newfoundland and Labrador as well as the rest of North America are all being taken for a ride this week.

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For more information, contact:

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

Numbers up again

Just a short note as I'll have more later this evening when I have all my data. Here's what I have so far for this regulatory period:

• Heating/stove oils show a 2.06 cents a litre increase coming.
• Gasoline shows an increase of 1.2 cents a litre, and...
• Diesel shows a 2.4 cent a litre increase.

More to follow later this evening, as I have said. I'm looking for that last day of data. I don't anticipate any real changes from what I have here. I'll let everyone know in the meantime.

Regards,

George

Say good-bye to gas under a buck a litre
Numbers show interruption

Media release

Conception Bay South, NL, May 12, 2009- Consumers in Newfoundland and Labrador will experience a significant jump at the pumps when they wake up on Thursday morning, that’s according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

“Numbers show that interruption on gasoline prices will occur as a result of elevated spot prices over the last seven days, and since prices were last set by the PUB. The guidelines have been met for prices to move up, in this case by a whopping 7.1 cents a litre according to my data. My numbers do not show other fuels increasing under the rules of interruption even though they are all mostly up as well.” said Murphy.

“The last price setting showed a difference of almost 1.7 cents a litre between my data and that of the PUB. It’s probable that difference could account for prices to increase by only 5.4 cents a litre, still extreme in its outcome to consumers. While the PUB takes a measure of volatility as well, my numbers didn’t start to show that until last Wednesday, a day after the last price setting. They’ve been sky-rocketing ever since.

“Call it the usual in this case. I’m hearing the usual causes of improving economic news, an anticipated pick-up in consumer demand ahead of the summer driving season in the US, or low refinery utilization rates, it’s all there to be heard. The simple fact is that consumers enjoyed a break at the pumps and that has helped put disposable income back into consumers’ pockets. In recent weeks, we’re seeing that being taken away again. Cheap energy helps in a recovering economy. On a local level, this one hurts.”

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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

Even my margin of error can't account for this one...

The last two days of market trading have been unusual, but not expected. You might have known that, with signs that the economy is picking up, they'd be going mad on the New York Mercantile Exchange floor again. With oil up almost $9.00 US the last couple of weeks,it was to be expected...

The kicker?...

Numbers for two days are showing possible interruption to occur next week,IF the trend holds up with the gasoline numbers I'm looking at right now.

Keep in mind that interruption needs seven consecutive days where the average exceeds four cents +/- from the previous price setting. My previous average from the Thursday morning upwards adjustment is 44.69 cents for the previous two weeks.

With that said, numbers here show a 5.3 cent a litre upwards movement in pricing, not including taxes. In other words, the first two days averaged 49.95 cents a litre.

Turns out that gasoline, better than a buck a litre, just might be closer than anyone thinks. Just when you thought it might be ok to spend a little more, along comes Big Oil to tank everything again.

I'll keep you all updated!

Regards,

George

UPDATE! Saturday, May 09/09

Five days now show gasoline to increase by 7.3 cents a litre. Two more days to go...

Update! Monday, May 11/09

Six days data now shows an imminent increase to gasoline pricing on the way for residents in newfoundland and labrador. With one more day of data to come, gasoline now shows an allowable increase of 7.2 cents a litre. Spread the word!

Prices to take a down-turn
For now...

Media release

Conception Bay South, NL, May 6, 2009- Consumers in Newfoundland and Labrador will see a slight dip in prices for most petroleum products this week when the Petroleum pricing Office adjusts prices this coming Thursday, that’s according to George Murphy, group researcher for the Consumer Group for Fair Gas Prices.


What consumers should see
“Both heating and stove oils should drop by close on 2.1 cents per litre, diesel also heading down another 2.2 cents per litre. Gasoline will drop by just shy of a penny, 9/10ths of a cent on a litre. If the Canadian dollar were still the same value it was two weeks ago, we’d all be looking at an increase in gasoline pricing instead,” said Murphy.

“All petroleum pricing is down slightly in spite of the increase in crude oil prices, mainly because of the performance of the Canadian dollar against the US greenback. While crude has increased by nearly $8.00 US and spot prices also increased during this time, we caught a break with the Canadian dollar gaining six cents against its cousin. Spot prices for gasoline, for example, increased by close to 15 cents a US gallon but we saw a decrease because of the Canadian dollar closing against the US.”

Summer pricing to come
“My nearest projection for summer gasoline pricing is putting the low end of prices at $1.05 a litre by the last week of June, first week of July. Usually, we see prices spike sharply during and after the US Memorial day weekend, the traditional start of the summer driving season in the US. Paring prices this year is mainly due to a couple of factors, namely; gains on gasoline inventories, sharp increases in crude oil inventory and dropping consumer demand figures. All this could change if any of these factors change, like a pick-up in consumer demand, a drop in inventories, or any further production cut from OPEC. Keep in mind that we will also soon hear about the coming hurricane season when we will all hear traders use that threat to drive up pricing.”

Eye on Marine Atlantic
“Since Marine Atlantic removed fuel surcharges, they also promised to review them sometime in June and make their call as to the placement of further fuel surcharges based on any increase in the price of marine type fuels. So far this year, those numbers are taking the same direction downwards as most distillates and, while we still have another month or so to go before they make the decision of adding surcharges again, so far those prices wouldn’t justify a move at this time. We’re keeping a close watch on this one.

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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

Just a quickie!...

Hi all...

Just a quick note to let you all know what we have here so far this period...

So far, we have the following:

• Heating and stove oils down by 2.20 cents a litre.
• Diesel down by 2.3 cents a litre, and...
• Gasoline down by 1.3 cents a litre.

From the looks of things and as predicted, we're going to start to notice a gradual downhill slide with distillate prices as we get into warmer weather.

We should also start to notice that slide particularly as we see a drop in world travel, making jet fuel figures crash with the onslaught of the H1N1 virus (swine flu). Nobody is going to travel while there is a "risk' involved.

Two more days to go so, we'll keep you all updated as we get closer to Tuesday evening...

Regards,

George

Numbers are down

No price changes this week, however...

While there is something happening in the oil markets besides the threat from swine flu, there is a tense atmosphere that is persiting.

It hasn't reared it's ugly head to traders, as of yet, but it will soon.

What should be happening is a steady drop back in fuel prices along with crude oil, almost to the point where we should be slightly below $30.00 US a barrel, given the contravening evidence.

Markets are witnessing further economic damage, numbers for unemployment keep creeping upwards and inventories of crude oil and it's related, refined commodities are climbing while, the latest figures from the EIA show a slight drop in demand for gasoline and other fuels.

Distillates are bringing the bad news. Heating and stove oil demand is dropping off with the onset of warmer weather and other distillates like diesel and jet fuels, show massive drops in demand numbers, with jet fuel demand down by over nine per cent from last years numbers.

As for gasoline?

Demand numbers now show something that they haven't shown in several weeks. Demand there is also down, even though it may be a paltry .4 per cent against last years numbers for the same time period. It is a foreboding of what is to come, if traders don't notice it soon, they probably will with the next inventory data figures coming out tomorrow; that consumers are hurting out here and the swine flu will only add to the traders misery.

No one is going to travel until this crisis, in a spreading disease that has gone world-wide now, is overwith.

There's a steady trend down, especially with distillates, until the various health agencies world-wide get a grip on this one and, traders using your money and mine, just can't see it yet.

Plane tickets anyone?

In the meantime, here's what I have so far this regulation period:

• Stove oil and heating oils down by 1.94 a litre.
• Diesel down by 2.1 a litre, and...
• Gasoline down by 1.6 or 1.7 cents a litre.

Let's see what happens for the next week, shall we?

Regards,

George

Slight changes coming for fuel prices
Gas is up a little, distillates showing down

Media release

Conception Bay South, NL, April 21, 2009- Consumers won’t see too many changes in fuel pricing when they are set this coming Thursday morning by the Public Utilities Board, that’s according to George Murphy of the Consumer Group for Fair Gas Prices.

What consumers will see this week
“Numbers haven’t changed a great deal over the past two weeks. The markets are at an impasse as it weighs demand against bad economic news. It’s almost like everyone is waiting for something to happen and nothing is”, said Murphy, researcher for the consumer group. Gasoline shows an added 8/10ths of a cent up while the distillates are down. Stove oils are down by 1.26 cents a litre and that could be the way of heating oils. Diesel is also set to drop by 1.2 cents.

Watching Marine Atlantic
“I’m keeping a close eye to the marine fuel numbers as they come in. They are now hanging close to where they were back in 2005, which was the year previous to any added surcharges on passenger fares. With the drop in distillate demand in recent months, it’s going to be interesting to see what Marine Atlantic will do even though we still have to go through another two months of market trading before they come to a decision on adding fuel surcharges once again. In the near term, I don’t feel there will be an increase forth-coming in June as the bad economic news does not provide that upwards pressure to pricing.

Focus off distillates
“Consumers should expect to see a gradual decline in stove, diesel and heating oil prices for the next few weeks. Diesel, an important transportation fuel, will still be susceptible to some chance of upward movement, particularly if refiners continue to cut back on capacity. We have more to fear from inventory draw-downs on gasoline that will help stabilize the price, if not increase gasoline prices slightly in the weeks leading up to the US Memorial Day holiday. We’ll be able to make a summertime prediction on peak gasoline prices by then.

OPEC to meet again
“OPEC has set its next meeting for May 28, 2009 in Vienna. The group will meet again to discuss the current economic situation and talk about the possibility of further cuts to production. It may all be for naught. Figures from the International Energy Agency show that OPEC compliance with its own self-imposed quota has been weak as of late. The group produced almost 770,000 barrels a day more than its 4.2 million barrel cut over the last year. The numbers are even more telling when last weeks report from the US Energy Information Administration reported a good build in crude oil inventory alongside draw-downs of refined products. We could be on the verge of another collapse in crude oil prices if we see more increases in crude oil inventory and continuing weak compliance with quotas.”

-30-

For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com

Focus is off heating oils

Summer driving season may be a bust to oil companies

Hi to all...

Just a quickie update not to expect any big changes to pricing this week.
Here's what I have so far, with one more day's data to go.
*Gasoline measures up by 2/10ths of a cent on a litre.
*Stove oil shows down by 1.18 cents a litre which is also indicative of where heating oil will be going. Seems that the focus is off heating oils and we're probably going to start to see some steady declines here with the end of the heating season.
*Diesel also shows down by 1.2 cents a litre.

An update to my blog and a release with the final numbers will be available to all media this evening sometime after the end of today's market trading.

Regards,

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

No price changes this week

I'm fresh in the door and back at it after a short week on the west coast.

The message is simple this time...

Nothing happening with prices this week. We'll have to wait for them for next week, but in the meantime, here's what I have so far, all miniscule in nature...

• Stove oil is down by 82/100ths of a cent.
• Gasoline is up slightly by 3/10ths of a cent, and...
• Diesel is down by 6/10ths of a cent.

The stove oil number may be an indicator of where the heating oil number is as well. I'm taking notice now that we're getting into the warmer weather on the markets and distillates will be losing some steam as the summer driving season is on the way.

More on that in the coming weeks...

Regards,

George

Increases coming to stove, heating and gasoline prices

Media release

Conception Bay South, NL, April 8, 2009- Consumers in Newfoundland and Labrador will experience another bump at the pumps when they wake on Thursday morning, that’s according to George Murphy of the Consumer Group for Fair Gas Prices.

What consumers will see
“There has been a lot of volatility in the markets over the past two weeks, especially with refined commodity prices. In spite of recent inventory gains for all fuel groups, prices have been up sharply one day and down the next. That overall trend is adding up to some increases in consumer pricing. Gasoline shows 2.1 cents a litre up, stove oils show 3.14 up and that could be pointing the way towards an increase in heating oil costs as well. It’s still too close to call for diesel, even though my numbers show anywhere between 2/10ths and 2.0 cents down on that fuel,” said Murphy.

Missing opportunity in Central Newfoundland?
“The closure of the Grand Falls-Winsor paper mill is reflective of lost opportunity to break into the green economy in the province. Methanol is fast taking a place as a viable energy product that is added to most fuels to help complete the burning process and can even be used by itself. It also happens to be made from fermenting wood fibre by-products. Abitibi-Bowater should be approached and partnered with the provincial and federal governments to convert the plant to, not only make paper but to refine methanol using its waste by-products that can’t be used in the papermaking process. We’re letting Central Newfoundland die on the vine and we should all be a little more forward in our thinking that we have a place and a role to play in today’s world changes to a green economy. The take-over and expropriation of the power resources belonging to Abitibi-Bowater may have complicated the chances of even approaching the company to try such a venture. Methanol could have been refined there and distributed world-wide through the petrochemical industry using Botwood as an export point; and these export points are also the import points for more conventional fuels around the province, like gasoline and heating oils. These points for transit already exist! And let’s not forget the fact that we have another paper making plant in Corner Brook that could also be on its last legs and in need of a secondary source of funds from wood fibre.

“It’s just not in central regions that a project such as this could have occurred. We have an untold number of wood harvesters and other forestry workers out there tied to an industry that failed to diversify from its sole intent; to make paper. We also have secondary industries that also are connected with the forestry sector, like the transport industry, that can benefit. Today, we can use wood and any other wood by-product, including the recycling of paper, into methanol. We also have a federal government ready to invest into greener energy technologies. The question does have to be asked however; ‘Is it too late to back up now?’

“Imagine if something like this worked, with minimal dollars to convert wood to a viable fuel. In Labrador, where there is a virtually untouched source of wood fibre, the methanol change could help bring about the demise of expensive oils used along the coast for electric generation. It can be a fuel manufactured in Labrador for the benefit of Labradorians. What we have here instead I believe, is a lost opportunity from both levels of government as well as Abitbi-Bowater, to help ensure the security of wood fibre as a source of driving an economy.”


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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

All the numbers are in...

Stove, heating and gasoline to increase

Just a quick word here, to all the readers of the blog...

Here's what I have as of this morning. Sorry it's online here so late but, work has to come first before I can get to play here!

• Stove oils show an increase of 3.14 cents per litre. This may also be pointing the way for heating oils as well. As a reminder, I still can't get that kerosene number to figure heating numbers out perfectly. We'll see what happens here. To make it easy to figure out, the stove oil number is a rough 25% of the overall winter heating oil blend. Take 25% of 3.14 and add that to the mystery 75% kerosene number to come up with the final tally.
• Gasoline shows an increase of 2.1 cents a litre, not much change with the extra days data, and...
• Diesel...Yes, diesel. Last week saw interruption to that fuel that, I felt, was well over 1.8 cents a litre too much. My numbers here show 2/10ths of a cent down so, I'm hoping that the PUB will drop it by the difference as well. In other words, 2.0 cents a litre down, just to bring them back on par with my numbers.

Hope this one helps!

Regards,

George

Prices still up

Twelve day average numbers show increases

Just to keep everyone in tune as there seems to be some delays with the auto emailer at times, this is just to give everyone the heads up.

Here's what I have so far, 12 days data out of 14 and five of seven for the diesel numbers...

• Stove oils up by 3.26 cents a litre. This may be an indicator of where heating oil will be going on Thursday.
• Gasoline shows 2.1 cents a litre upwards for Thursday so far.
• Diesel shows no increase according to my numbers. I have a problem here though. My base average for diesel before interruption this past Thursday showed an allowable increase of 3.6 cents a litre, just outside the requirements for interruption. I explained then that I couldn't account for any market volitility. As it turned out, prices did interrupt by 5.4 cents so, I know this is way out of line. If my numbers were indeed wrong, I expect the PUB to drop diesel again by the difference of 1.8 cents a litre. My averages on paper here are showing neither increase or decrease. I hope that makes some sense?;)

Anyways, as soon as I have some more numbers for the days up to this Wednesday, I'll be posting here again with the final tally.

Final word. I'm off to Corner Brook and Stephenville next week from Thursday, April 9th to the following Tuesday, April 14th and I'm leaving the computer well away from me for a little break. I will be checking on numbers that Tuesday night and posting any possible changes (it is an interruption week) late that night so, look for my posting Wednesday morning when you rise!

Regards,

George

Update! All seven days of data are in!


Interruption not likely to gasoline, stove oils
Heating oil and diesel numbers remain questionable

Media release

Conception Bay South, NL, April 1, 2009- It’s not likely that consumers will see any changes to some fuel prices this coming Thursday but, heating oil prices are still at risk of price interruption as an important component of the fuel remains a pricing mystery.

“While all numbers are showing up, all fuels with the exception of heating oils will not likely see increases to pricing this week. For interruption to pricing to occur, we have to see an average four cent a litre movement, up or down, from the previous price setting. Numbers were showing that pricing was elevated during the end of last week but backed down over the last three business days. We may have dodged a pricing bullet this week but could still see increases on all levels for next week instead,” said George Murphy, group researcher for the Consumer Group for Fair Gas Prices.

“Heating oil is a combination of jet fuel and #2 type heating oils and it’s the jet fuel component that we have no price for. While the #2 number shows an increase of 3.3 cents a litre, it’s a mystery what will make up the rest of the price for the fuel. If you need heating oils, I would recommend a ‘buy” option in case the jet fuel number was up this past week as a precautionary measure.

“Gasoline shows up by 2.2 cents a litre, diesel up by 3.6 cents and stove oils (#2) up by 3.3 cents a litre. I’m a little concerned with the diesel number as well as it is close to the average four cent a litre requirement for interrupt to occur. I’m putting a “buy” recommend option on that too; in case there is data that the P.P.O has showing interruption is warranted.”

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For more information, contact;

George Murphy
Group researcher/Member My blog: www.gasandoil.blogspot.com
Consumer Group for Fair Gas Prices
gasprices@hotmail.com

Numbers this week so far

Last week, I told you about the possibility of fuel price interruption on all fronts.

While the numbers are still up considerably for all fuels, there seems to be some retreat for others. The market sell-off on Monday this week may very well have been enough to thwart any increases that could have come this Thursday. That's not to say that there's not anything in the cards for next week instead. We need to see an extended downturn in the oil markets to change any possibility of an increase to consumers then.

Some numbers are a downright "I don't know" when it comes to predicting what will happen to them for this week, however...

Here's what I have so far, keeping in mind that the heating oil number may be close to what I have here for stove oils. Problem again here is that I simply can't get that jet fuel component to make the accurate prediction. The "actual" that may occur could be more than what I have for stove oils. Keep in mind that, while I operate on the basis of a 3/10ths of a cnet margin for error, I could be wrong and there is always the possibility that an increase could happen when I have no increase showing in the numbers.

• Gasoline now shows 1.9 cents a litre up. In other words, no interruption here this week.
• Diesel shows an increase of 3.5 cents a litre, just outside the requirements for interruption. That doesn't mean my numbers are going to be the right ones this week. Volitility is key in the numbers this week.
• Stove oils shows an increase of 3.6 cents a litre, just a bare 4/10ths of a cent out.

I will be posting again tomorrow when I have more data. These numbers are based on six days out of seven needed for interruption to occur. For it to happen, we need a consistant four cent a litre change over seven days of data.

Regards,

George

All petroleum prices to increase Thursday
The days of gas under a buck are numbered

Media release

Conception Bay South, NL, March 24, 2009- Consumers in Newfoundland and Labrador will see another increase in petroleum product prices again this week as commodity figures reflect the rising price of crude oil.

Possible interruption to prices for next week
According to George Murphy of the Consumer Group for Fair Gas Prices, those numbers that are showing themselves this week are not substantial, but the increase in spot prices in the last couple of days in particular has him worried. The last two business days are reflecting a possible interruption to pricing for all fuel products if the related commodity prices stay high for the rest of the week leading up to next Tuesday’s business day. While not a guarantee that interruption to pricing will occur, the latest numbers are within the guides of the requirements. “I am seeing heating/stove oil spot prices that have increased by 36 cents a US gallon, gasoline spot prices that have 31 cents and diesel by 36 cents a gallon as well. Yesterday, heating and stove oil spot prices hit 48.12 cents a litre and I’m showing an average of 42.89 cents over the last two weeks. If we see that figure of 48 cents a litre hold up over the next couple of days, we could be looking at an interruption scenario of over five cents a litre for next Thursday. Diesel shows the same scenario adding the same and gasoline adding an additional four cents a litre”, said Murphy.

Numbers for this Thursday
“For Thursday, gasoline shows just an added 8/10ths of a cent increase, heating/stove oils show 1.88 cents a litre up and diesel to increase by 2.1 cents a litre. At the same time, we’ve seen crude oil increase from $42.33 US a barrel to today’s close of $53.48 a barrel, numbers that don’t reflect the reality in increasing spot prices for crude oils related, refined commodities.”

“The days may be numbered for gasoline under a buck a litre in Newfoundland and Labrador. While it was good while it lasted Big Oil should understand that it is higher fuel prices that are hindering any economic recovery. We’re better off helping the economy recover by keeping energy cheap to the consumer and business. If we see energy prices increase again, we’re going to see added surcharges to consumables and another artificial increase to inflation. All this is taking away disposable income to the economy.”

Market highlights

· Stove and heating oil prices increase over the last two weeks from $1.11 a US Gallon to $1.48 a gallon US.
· Diesel prices increase from $1.12 to $$1.48 a US gallon.
· Gasoline increases from $1.15 a US gallon to $1.43 a gallon.
· The Canadian dollar increases in value against the US dollar from $1.2807 on March 11th to today’s $1.2262, the last day of this regulation period.
· Gasoline inventories show a 3.2 million barrel increase and demand also increases 1.1 per cent over last years figures.
· Distillate supplies show an increase in supply while demand for the same drops by 9.3 per cent. Jet fuel demand also drops by 6.4 per cent against lat years figures.
· Refiner capacity remains low at just a hair above 82 per cent.


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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

A quick note...

Here's a short synopsis on what I have in the numbers so far.

With the price of oil skyrocketting from $42.33 March 11th to today's close of $$53.00 even, you would figure that the numbers would be more substantial than what they are, but they're not.

There is a bit of a twist here though.

The last two days of this pricing period shows the meteoric rise in spot prices that, if the numbers keep up to where they are right now, won't result in a huge increase in prices this week, we could get the bigger ding next week.

I'm taking a guess here, and keep in mind that next weeks data hasn't happened yet, but from the looks of things and the way the next week is shaping up, there is an interruption scenario taking place that could see an average increase in gasoline prices of a rough four cents a litre.

Heating/stove oils could see an added five cents and diesel by five as well. Again, that's if the numbers hold up for the next week. If it happens, I'll be posting here again before next Tuesday hits.

In the meantime, heating/stove oils show an increase of 1.48 cents a litre, gasoline showsa little over a half cent up and diesels are showing up by 1.6 cents a litre with one more day of data to get (13 days out of 14 days on hand now).

I'll have the final numbers for you all tomorrow evening!

Regards,

George

Update #3

Slight change in the numbers

All fourteen days on hand and here's what I have:

• Stove oils to increase by 4/100ths of a cent.
• Heating oils will follow the direction of stove oils, in other words, no noticeable change.
• Diesel to increase between 1/10th and 2/10ths of a cent, and...
• Gasoline to increase between 3.8 and 3.9 cents a litre.

Regards,

George